Farmers & Merchants Investments has disclosed a position in the Bitwise XRP ETF, according to its latest SEC filing. The allocation is modest in size, but it adds to signs that traditional firms are widening crypto exposure beyond Bitcoin-only products. According to the filing, the firm holds 2,374 shares of the Bitwise XRP ETF, valued at roughly $35,681. In portfolio terms, this is not a transformative bet. However, it is a notable move because it shows exposure expanding beyond the now-familiar pattern of institutions sticking almost exclusively to Bitcoin-linked products.
The size of the holding is modest relative to the firm’s overall portfolio. This is not a headline-grabbing allocation meant to redefine the balance sheet, but rather a measured extension into a newer crypto product category. Even so, the symbolism is hard to miss. XRP-related exposure has long been treated more cautiously by traditional institutions than Bitcoin exposure, in part because product availability, regulatory treatment, and market narratives arrived later and with more friction. That appears to be changing, slowly but clearly. Farmers & Merchants Investments also disclosed holdings in BlackRock’s iShares Bitcoin Trust (IBIT), suggesting the firm’s crypto strategy is not limited to one asset or one issuer. Instead, it seems to be building a broader ETF-based exposure across select parts of the market.
The filing fits into a larger pattern now taking shape. More traditional firms appear willing to test XRP-linked investment products as regulatory clarity improves and the ecosystem around XRPL and Ripple’s institutional partnerships keeps expanding. That does not mean a major institutional flood into XRP has arrived—not yet—but it does suggest the asset is being treated less as an outlier than it once was. The mention of other firms, including Bank of America’s reported holding in a Volatility Shares XRP ETF, reinforces that point.
XRP ETF Assets Climb Higher
New data shows steady demand for XRP through ETFs. Investors recently added about $6.44 million in fresh buying, pushing total XRP ETF assets to around $1.44 billion. This number matters because these funds launched only months ago, yet they have already crossed the billion-dollar mark. Several major issuers now offer exposure to XRP through traditional markets. Institutions are building positions slowly and consistently, with this kind of buying often creating long-term support.
Garlinghouse Takes the Stage in Miami
At the same time, Ripple CEO Brad Garlinghouse is keeping Ripple in the spotlight. He recently appeared at a major event in Miami, where he spoke with city mayor Francis Suarez about crypto’s real-world impact. Garlinghouse described the talk as a “therapy session… discussing all things digital assets and the real world impact of crypto.” The message was simple: Ripple wants to move beyond hype and show how blockchain works in real finance. This shift toward utility is becoming a key theme for XRP.
Strong Signals, But Price Stays Flat
Despite these developments, XRP is still trading near the same levels. On one side, ETF inflows are rising. On the other hand, large amounts of XRP are leaving exchanges, which often suggests long-term holding behavior. But the price has not reacted much. When demand grows quietly, markets do not always move right away, but when they do, the shift can be sharp.
What Comes Next for XRP and ETFs
Both XRP and XRP ETF products are gaining ground, while Ripple continues to push its vision through global events and partnerships. Institutions are entering, infrastructure is expanding, and awareness is growing, but the market has not fully reacted yet. That gap will not stay forever, as quiet positioning usually means the real move often comes later.
